During 2024.. The Iraqi Central Bank Plans To Cancel The “Electronic Platform” For External Transfers
Economy News – Baghdad The Central Bank of Iraq announced today, Thursday, its readiness to cancel the electronic platform for external transfers during the current year.
According to a document issued by the Central Bank, and obtained by Al-Iqtisad News, “Within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, it plans The Central Bank of Iraq to gradually cancel the electronic platform for external transfers during the year 2024, leading to its complete cancellation by the end of the year and maintaining it for audit and statistical purposes.
The document added: “Iraqi banks must work to be prepared and able to access and deal with correspondent banks, and there are two types of requirements, some of which are basic and must be provided and worked to accomplish as quickly as possible, and some are important and support the banks’ efforts in this field, and will be required.” All banks are required to provide the three basic requirements below in order to assist them in opening accounts with correspondent banks.
Regarding the basic requirements, she stated that “these requirements represent the minimum documents that must be provided for negotiations with correspondent banks, and they reflect the bank’s financial and credit status and level of compliance, and they are:
Bank statement for at least 3 months.
A report on the bank’s financial and credit status issued by an approved authority.
Bank compliance policy.
The Central Bank of Iraq continued: “Banks can obtain more information about other requirements required of correspondent banks by communicating with the Central Bank of Iraq.”
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